Buying a dental practice is a major transition. If you are buying a dental practice, a plan must be in order before you do anything. Having a solid plan in place before you start shopping for a dental practice is imperative. Without a transitional plan, you could end up spending far too much on a dental practice that you never really wanted in the first place.
Blatchford Transitions for Buying a Dental Practice
Dr. Bill Blatchford and Dr. Christina Blatchford are practicing dentists, world-renowned dental coaches and dental brokers. Working with the team from Blatchford Transitions is the best way to come up with a solid plan that will help you find your dream dental practice. Below are some tips to help you create your blueprint.
Location Location Location
Find your location is the first step. If you aren’t sure whether you want to relocate to California or stay in New York, it’s important to do your research. If you know what type of dentistry, you want to practice, find out where the demand is.
You’ll also want to make sure that the location you choose for your practice is close to home. You don’t want to spend an hour or more traveling to and from work every day.
Practice Size Matters
Whether you want a small office or a dental practice that is capable of handling six additional dentists, you must consider long term. Blatchford Transitions recommends that you carefully consider your chair number.
If you are looking at a small office that you want to convert into a large facility, you must factor in the growth potential. Can the area that you want to practice in really handle that many dentists? If you are in a small town, it’s doubtful it would be a wise investment.
Buying a Dental Practice Rent or Own?
Another big thing to consider if you are buying a dental practice is whether you will own the space or rent it. Just like your location, you must consider your long-term plans. If you plan to practice for years, buying the building may be a better option. Relocating a decades old practice is a nightmare, but it does happen if the owner decides to sell.
On the other hand, renting a dental practice may be a better option if the practice that you are considering is not what you see in your future.
If you are buying a dental practice, contact the dental brokers from Blatchford Transitions. Having a team on board to help you with the basics really will make a difference to your transition.